Brand Positioning. Chapter 3 Mkt 465

Transcription

1 Brand Positioning Chapter 3 Mkt 465

2 The four steps of brand building Brand Identity: Ensures identification of the brand with customers Brand meaning: Firmly establish the totality of brand meaning in the mind of customers Brand responses: Elicit the proper customer responses with the brand Brand relationship: Convert brand responses to create brand resonance and an intense, active loyalty relationship between customer and brand.

3 The CBBE Model

4 Brand Salience Brand Salience is the degree to which your brand is thought about or noticed when a customer is in a buying situation. Strong brands have high Brand Salience and weak brands have little or none. There exists four steps via which the foundation of the brand equity model (a.k.a. brand salience) can be established.

5 Brand Salience Step 1: Giving the new product/service a unique brand name. Step 2: Creating a link between the brand and the category the brand belongs to and the need that the brand addresses. Step 3: Creating a link between the brand and the usage and purchase situation. This is also referred to as the Breadth of Brand Awareness. Step 4: Ease of recall (also referred to as Depth of Brand Awareness) When the need arises When the category is mentioned During purchase situation During Usage situation

6 Understanding depth and breadth of brand awareness Need: tasty and healthy drink. Category: Orange juice. Breadth of brand awareness Purchase situation: which type of beverage should I buy? Something that is tasty and healthy. Usage/consumption situation: for breakfast. Depth of brand awareness Ease of recalling the brand when thinking of orange juice. Ease of recalling the brand when needing a tasty and healthy drink. Ease of recalling the brand during breakfast time. Ease of recalling the brand during purchase situation.

7 Brand Performance Quality simply means the ability of a product/service to effectively and efficiently satisfy consumer needs. How well does Dove soap clean and moisturize your skin? How well BMW ensures performance in terms of driving? Quality is a significant parameter to enhance brand value. Brand equity can never be built based on negative product/service quality. Brands such as Jui sense of balance and Shakti were a failure because of its poor product quality. Quality can be a source of differentiation as quality can give consumers a compelling reason to purchase a brand.

8 Parameters of brand performance Primary ingredients vs supplementary features Believes about the levels at which the primary ingredients of the product operate (low, medium, high, very high) and secondary features that compliment those. Product reliability & durability & serviceability Measures consistency of performance over time and from purchase to purchase. Service effectiveness, efficiency and empathy: Performance related associations with service. Style & design Price

9 Brand Imagery Brand Imagery is a process via which we can humanize a brand. In other words, we can give a brand some human characteristics. As a result, consumers will love a brand not only because of its brand performance but because of its human characteristics as well.

10 Emotional Branding through Brand Imagery User profile Purchase & Usage situation Brand Personality and values Brand history, heritage and experience

11 Brand Personality Framework

12 Brand Heritage: WALKER It strengthens an emotional connection to the audience by re-establishing this connection to the past

13 Brand Judgments Brand Judgments signifies consumer s opinions about and evaluations of the brand which consumers form by putting together all the different brand performance and imagery associations. Brand judgments are created because the consumer has already experienced the brand. Customer satisfaction is the person s feeling of pleasure or dissatisfaction resulting from comparing a product s perceived performance in relation to his/her expectations. Customer value is the customer s evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing products.

14 Brand Judgments [continued] Brand Credibility: perceived expertise (innovative, market leader), trustworthiness (true in what the brand offers and are customer centric) and likability. Brand Consideration: How strong and favorable brand associations are created for consumers to actually consider making a purchase. This theory is similar to purchase intention. Brand Superiority: how unique and better the brand is compared to its competitors.

15 Brand Feelings Brand Feelings are customer s emotional responses and reactions to a brand. Quaker Oats/Nestle cookies gives customers a sense of warmth. Fantasy Kingdom/Nandan park will give you a feeling of having fun. Disney World/MTV will give you a sense of excitement. Companies that will give you a sense of security. (Banks/Insurance agencies) BMW, iphone etc. gives you a feeling of social approval Tide detergent/complan/rin gives you a sense of self respect

16 Brand Resonance If I love a brand, how much am I ready to do for it Brand Resonance describes exactly how intense (deep) and active is the consumer s relationship with the brand. Brand Resonance has four dimensions: Behavioral Loyalty Attitudinal attachment Sense of community Active engagement

17 Brand Resonance [continued] Behavioral Loyalty is all about repeat purchases and volume purchases of a specific branded product. In other words, brands need to create behavioral loyal consumers who will generate the most revenue and profit. iphones

18 Brand Resonance [continued] Attitudinal Attachment is needed to create a strong personal attachment to the brand. Consumers need to Love the brand, it should be their favorite possession. Example: LV bags, PlayStation. Luxury cars

19 Brand Resonance [continued] Sense of Community: Sense of community is a feeling that members have of belonging, a feeling that members matter to one another and to the group, and a shared faith that members needs will be met through their commitment to be together (McMillan, 1976). Influenced by: 1. Membership 2. Influence 3. Integration & Fulfillment 4. Shared Emotional Connection

20 Brand Resonance [continued] Active engagement occurs when consumers invest additional time and other resources in the brand and become brand ambassadors and communicate about the brand to others and build stronger brand ties with others. IN CONCLUSION Brand Resonance needs intensity (attitudinal loyalty and sense of community) and activity (behavioral loyalty and active engagement).

21 Brand value chain

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